With a long history and a strong presence in Greek retail, the Politikos family has taken its next major step, expanding its operations to Cyprus through the acquisition of the well-established ERA Department Stores. In his first interview since the change of ownership, Gencom-ERA Department Stores General Manager Loukas Politikos outlines the strategy for this new era. He discusses the investments already under way, with the focus on evolving ERA into a modern, digitally upgraded and competitive department store model that will preserve its history and identity.
For decades, ERA has been one of the most recognisable names in Cypriot retail. It is now entering a new era under the ownership and management of the Politikos family. What was the rationale behind the acquisition?
At ERA, we saw a business with deep roots in the Cypriot market, strong brand recognition and relationships of trust with its customers. This solid foundation, built consistently over time, is now being combined with our own experience in fashion and e-commerce. We firmly believe in the potential of the market and in the leading role a modern department store can play in consumers’ everyday lives. Our strategic goal is to lead ERA into the next generation of Cypriot retail, marrying its rich heritage with digital innovation.
How would you describe this transition, and which elements of ERA’s heritage do you believe must be preserved?
We see this transition as a continuation of a journey built by previous management teams, employees and partners. We respect that history wholeheartedly. We want to keep alive the reliability and the sense of familiarity customers have with ERA. For me, evolution means retaining what has genuine value while improving what can be done better, through dialogue with our people, suppliers and customers.
The new ownership brings significant experience in fashion retail and e-commerce, while ERA has a strong nationwide physical network. How will you combine these two elements to create a new department store model?
The greatest opportunity lies precisely in the harmonious combination of these two elements. Our goal is to create the first fully integrated phygital department store in Cyprus, transforming ERA from a simple shopping destination into a leading destination for experiences, fashion and beauty. The people at ERA know the Cypriot consumer, their preferences and the particular characteristics of each city extremely well.
What does the new management bring to Cyprus?
We bring our experience in commercial partnerships, collection selection, fashion and digital development. We have already begun enriching our stores with leading international brands that Cypriot consumers have not previously been able to find on the island. In this way, customers do not come simply to buy a product; they find carefully curated options, personal service, useful advice and meaningful reasons to return.
In addition, what is the investment plan that accompanies this new strategy in terms of stores, technology, digital transformation and human resources?
We have already invested €1 million in technology and in upgrading the company, so that ERA is ready for the future. Our strategy rests on three pillars: a better in-store experience, stronger digital capabilities and the development of our people. Beyond infrastructure, our aim is for every investment to have an immediate and positive impact on our customers’ everyday experience.
What are the main elements of this?
We are focusing on product availability, accurate information, technology and collaboration between departments. Our goal is for digital solutions to make life easier for both customers and employees, with every investment delivering a clear result.
The omnichannel model strategy
In recent years, consumers and their expectations have changed, with e-commerce, marketplaces and social commerce influencing purchasing decisions.
What will ERA’s strategy be for developing its omnichannel model?
Today’s customer does not separate the physical from the digital experience. They expect convenience, consistency and the same quality of service at every touchpoint with the brand. That is why a key step for us is the launch of the new e-shop, which will not compete with our physical stores but complement them.
What do you expect from it?
We want customers to be able to discover, compare and choose products easily, wherever they are. We are committed to offering a more personalised experience, with recommendations tailored to their preferences, always with respect for their personal data. Within this framework is Unique by ERA, which highlights the distinctiveness of our brand mix. The loyalty programme and digital services are key pillars, making customers’ relationship with ERA easier, more immediate and more meaningful, whether it begins online or in our stores.
Will ERA’s growth focus mainly on upgrading the existing four department stores, or are you considering expanding the network? Are there also plans for new product categories, brands or other store formats?
Our priority is to make the best possible use of the existing network, strengthening each store’s offering according to the particular characteristics of its city. We want to enrich our brands and categories with options for different styles and budgets. We do not rule out expanding the network in the future, provided there is a prospect that creates value for both customers and the business.
What role does your workforce play in this ambitious new endeavour?
As far as our employees are concerned, we are consistently investing in a culture of clear communication, fair treatment and equal opportunities. We want our people to feel that they can express their ideas, that their efforts are recognised and that they have room to grow. Our goal is for them to be active participants in this change, not merely recipients of it. After all, I firmly believe that the outstanding experience we offer our customers is a reflection of the experience we create for our own people.
How do you want to develop ERA’s people in this new era?
The knowledge and experience of ERA’s people are invaluable assets, and it is our responsibility to support them by giving them room to develop. That is why we are focusing on targeted training with an immediate impact on day-to-day work. Our plan covers product knowledge, consultative selling, digital tools and leadership development. Equally important are genuine opportunities for internal advancement, so that our people can see a future, take on new responsibilities and know that their contribution is recognised in practical terms.
A personal vision for ERA
Are there specific goals or initiatives in terms of ESG, social contribution, local partnerships and workforce development?
ESG, social contribution, local partnerships and the development of our people are integral to ERA’s operations and evolution. On the environmental front, we are gradually reducing energy consumption, improving waste management and strengthening recycling in our stores. On the social front, we support initiatives with a real impact on local communities. At the same time, we are building long-term relationships of mutual value with Cypriot suppliers and local businesses. A key pillar is continuous training, professional development and a safe, inclusive working environment for our team. For us, responsible growth must be reflected in everyday operations, not in isolated initiatives.
On a personal level, what does taking on such an iconic Cypriot brand mean to you?
Above all, it means responsibility. ERA has a long history and a special place in the Cypriot market. Having grown up in a business environment connected to retail, you understand that this is not just about numbers; it is about the relationship between customers and stores, employees and teams, and businesses and society. These bonds were built over many years. It is important to build on what already has value and to evolve ERA together with our team. Trust is not a given. It is earned every day through consistency and through the way we treat people.
What failure do you hold on to as a life lesson from your long career, and what has been your most significant success?
One lesson from the difficulties I have encountered is that, in retail, you need to recognise early when a decision needs to be reassessed. Conditions change constantly, you do not always have all the answers, and you must listen to your customers and your team while remaining open to change.
Similarly, success is not only a good financial result; it is building relationships that stand the test of time. It is seeing customers return, partners who trust you and people who grow alongside the business.
What is your personal vision for ERA? Looking back in five years, what would make you say that the new management has achieved its goal?
I want ERA to remain familiar and reliable for our traditional customer base, while also becoming a modern choice for younger generations. In five years, success will be judged on four fronts: healthy growth in sales and profitability, higher customer satisfaction, the meaningful operation of our phygital services, and greater opportunities for our employees to develop.
Beyond the numbers, my vision is a stronger and more modern business that retains its human character — one where customers return consistently and our people help shape our shared evolution.
New management team: Panagiotis Politikos, CEO; Loukas Politikos, General Manager; Nikos Sotiriou, COO; Maria Ioannou, CFO; Mary Ioannou, HRO
Employees: 232
Department stores: 4, in Nicosia, Limassol, Larnaca and Paphos
Sales (largest category): Fashion
Brands: 100+, with key categories including cosmetics, accessories, clothing, footwear and underwear
Turnover (key financial indicators): €12.5 million in 2025
For the four months from September to December: EBITDA of €1 million
Net profitability: €2.5 million
Investment plan (next five years): Strengthening sales, profitability and the customer base; improving stores; and expanding into new product categories
Published in INBusiness magazine, October 2026 issue.
